It’s been over 24 hours since Bitcoin (BTC) reached its $100K mark. This milestone created history in the crypto world and spiked market sentiment. Michael Saylor, the founder of MicroStrategy, described BTC as “digital capital.” Saylor explained that it is like owning property that has no liabilities. Recently, he proposed Microsoft buy Bitcoin in a 3-minute presentation.
Ranking seventh in the Top 10 Global Market rankings, Bitcoin’s $100K mark has strengthened its position among other members, including Amazon and Apple. With BTC’s rise, institutional investors’ interest has increased. BlackRock’s Bitcoin ETF ($IBIT) garnered $571.71 million, while Grayscale’s ($GBTC) saw $94.31 million outflows due to changes in investors’ choices.
With these developments, the U.S. spot Ethereum hit $431.5 million, its highest single-day inflows since its inception. Also, market observers witnessed activity in the Mt. Gox crypto exchange. According to Arkham Intelligence, the now-defunct exchange moved over 3K BTC worth $352.69 million to two addresses.
Despite BTC’s growth, market sentiment had its challenges. Crypto analysts stated that XRP might face hurdles due to market volatility. Considering the situation, a decline is expected in the futures trading of XRP due to reduced interest from investors and low liquidity.
The Story of Resilience: Journey of Bitcoin from $0-$100KOn the other hand, Binance increased its spot market and added new trading pairs. The crypto giant added Chiliz (CHZ), Pyth Network (PYTH), and Wormhole (W), among others. Citing regulatory issues, HAWK, a meme coin, incurred losses of approximately 91% because of insider trading. This brings focus to meme coins, citing its vulnerability to inexperienced investors.
Some critics have explained the high rise in the adoption of cryptocurrency by stating that it is the result of political power. They also raised ecological issues, citing that Bitcoin mining takes a lot of power. However, institutions still hold optimism. Also, Hut 8, a Bitcoin mining company, declared intentions to invest about $500 million in expanding its BTC holdings, signaling confidence in its future value. Regulatory changes are also closely observed, with Paul Atkins expected to head the US SEC. Many expect his leadership to provide balance and promote innovation while simultaneously protecting investors.
Although Bitcoin gained momentum, the overall market has experienced both opportunities and potential risks. With the industry evolving, its impact on global finance remains both promising and uncertain.
